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Summary of the November 2016 GPF meeting

  • GPF meeting (mid blue) Image

20 Jan 2017

Representatives of the IASB met with the Global Preparers Forum (GPF) in London on Tuesday, 29 November 2016. Notes from the meeting have now been released.

The topics discussed at the meeting included:

  • IASB and Interpretations Committee Update. Members were given an overview of the IASB's work plan and how it reflects the messages received during the Board’s 2015 Agenda Consultation. They discussed the relevance of IFRSs in view of the recent developments in integrated reporting and the increasing use of alternative performance measures. They also considered the process with respect to national standard-setters’ projects that contribute to IASB projects.
  • Post-implementation Review of IFRS 13 Fair Value Measurement. As a part of phase 1 of the review, the staff sought feedback from the GPF members on their experience with implementing IFRS 13. The GPF members noted that IFRS 13 was generally working well but commented on some smaller matters.
  • Education Initiative commercial publications. The purpose of the session was to discuss possible improvements to A Guide through IFRS Standards (the ‘Green Book’) and A Briefing for Chief Executives, Audit Committees and Boards of Directors. As regards the Green Book, members commented on the basis of preparation, possible modifications, format of publication, and language and timing. On the second publication, members questioned whether the format of the publication was appropriate for the target audience and made several suggestions in this regard.
  • Definition of a business. The purpose of this session was to understand and discuss GPF members’ views on the exposure draft. Views were mixed and comments diverse.

The next GPF meeting will be held on 8 March 2017. The full meeting summary is available on the IASB's website.

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